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Companies breach sanctions laws at their peril. Fines of many thousands of dollars, and even jail terms, await the unwary or careless. Fortunately, an Association of Certified Sanctions Specialists (ACSS) has been created to advise businesses on negotiating the complex world of international sanctions compliance.…

Turkey is struggling to recover its position as an important supplier of high-end and luxury fabrics, recouping sales lost on cost to Chinese rivals. The industry retains great potential strength, being the world’s fifth largest supplier of textiles selling USD12 billion exported annually, according to Istanbul Textile and Raw Materials Exporters Association (İTHİB – İstanbul Tekstil ve Hammaddeleri İhracatcilari Birlig).…

AMERICA has long been the global policeman of international sanctions, including breaches of AML rules, but evidence suggests that the US dollar’s use in international transactions could be weakening and is having to compete with the rising power of crypto currencies.…

EUROPEAN dairy experts say that the European Union (EU) climate law’s target to cut carbon emissions at least 55% by 2030 compared to 1990 levels, compared to “between 50% and 55%” in the original proposal (1) and just 32.5% by 2030 in the 2018 law (2), will be a challenge, but one they can meet.…

Over the past year, the European Union’s (EU) dairy industry has weathered two storms: the departure of Great Britain from the EU single market and customs union, during the unprecedented lockdown measures adopted to contain Covid-19, all while EU lawmakers haggle over a major shakeup of agricultural regulations.…

Covid-19 has reshaped commercial crime, and one lucrative offence taking a real turn for the worse is tobacco smuggling and counterfeiting. Keith Nuthall reports.

The Covid-19 pandemic has depressed incomes worldwide and forced lower income smokers to look for cheap smokes, which has included counterfeits or smuggled goods.…

There is no doubt that the Covid-19 pandemic has fuelled the black-market trade in illicit and smuggled licit tobacco products. The disease has depressed income and forced lower income smokers to look for cheap smokes, which has included counterfeits or smuggled goods.…

An international model of rules for monitoring and control cryptocurrency operators and crypto-exchanges’ compliance with anti-money laundering and counter financing of terrorism (AML/CFT) regulations worldwide, is needed, some AML/CFT specialists are arguing. Nina Kerkez, market planning director at LexisNexis Risk Solutions, said regulatory frameworks are currently being developed “at an alarming rate” in a wide range of jurisdictions, with significant divergences apparent in, for example, KYC/CDD requirements and when to file suspicious activity reports (SARs).…

CYPRUS is under pressure to appoint a full-time prosecutor working with the European Public Prosecutor’s Office (EPPO), with the EPPO’s chief prosecutor Laura Kövesi claiming 10% of the office’s 3,000 anticipated initial cases will involve this small island country.

Kövesi was addressing a joint meeting of the European Parliament’s committees on civil liberties, justice and home affairs and budgetary control, saying the claim was based on data received from the 22 European Union (EU) member states participating in the EPPO, which includes offshore banking centre Cyprus.…

Efforts to decarbonise transport and industry may be depressing global oil markets, but they are actually strengthening one key hydrocarbon niche – that of lubricants. Far from making such oils obsolete, the electric vehicles (EV) that are sold in increasing numbers (3.2 million worldwide in 2020 said the EV Volumes database) rely on transmission fluids, which can be made from fossil hydrocarbons.…